Home sales activity picks up the
pace in September
Home buyers were
active in Metro Vancouver last month, with home sales well exceeding
the 10-year average for September.
The Real Estate Board of Greater Vancouver (REBGV) reports that
residential property sales in Greater Vancouver reached 2,922 on the
Multiple Listing Service® (MLS®) in September 2014. This represents a
17.7 per cent increase compared to the 2,483 sales in September 2013,
and a 5.4 per cent increase over the 2,771 sales in August 2014.
Last month’s sales were 16.1 per cent above the 10-year sales average
for the month and rank as the third highest selling September over that
period.
“September was an active period for our housing market when we compare
it against typical activity for the month,” Ray Harris, REBGV president
said.
New listings for detached, attached and apartment properties in Metro
Vancouver* totaled 5,259 in September. This represents a 4.6 per cent
increase compared to the 5,030 new listings in September 2013 and a
33.5 per cent increase from the 3,940 new listings in August. Last
month’s new listing total was 0.4 per cent above the region’s 10-year
new listing average for the month.
The total number of properties currently listed for sale on the MLS®
system in Metro Vancouver is 14,832, an 8 per cent decline compared to
September 2013 and a 0.4 per cent increase compared to August 2014.
The MLS® Home Price Index composite benchmark price for all residential
properties in Metro Vancouver is currently $633,500. This represents a
5.3 per cent increase compared to September 2013.
“Gains in home values are being led by the detached home market.
Condominium and townhome properties are not experiencing the same
pressure on prices at the moment,” Harris said. “Individual trends can
vary depending on different factors in different areas, so it’s
important to do your homework and work with your REALTOR® when you’re
looking to determine the market value of a home.”
Sales of detached properties in September 2014 reached 1,270, an
increase of 24.1 per cent from the 1,023 detached sales recorded in
September 2013, and a 113.8 per cent increase from the 594 units sold
in September 2012. The benchmark price for detached properties
increased 7.3 per cent from September 2013 to $990,300.
Sales of apartment properties reached 1,188 in September 2014, an
increase of 16.7 per cent compared to the 1,018 sales in September
2013, and a 75.7 per cent increase compared to the 676 sales in
September 2012. The benchmark price of an apartment property increased
3.3 per cent from September 2013 to $378,700.
Attached property sales in September 2014 totaled 464, a 5 per cent
increase compared to the 442 sales in September 2013, and an 88.6 per
cent increase over the 246 attached properties sold in September 2012.
The benchmark price of an attached unit increased 4.2 per cent between
September 2013 and 2014 to $477,700.
* Areas covered
by Real Estate Board of Greater Vancouver include: Whistler, Sunshine
Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby,
New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New
Westminster, Pitt Meadows, Maple Ridge, and South Delta.
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